11th BPS Settled on 15% Pay Hike, MOU within 90 Days

The waiting time is finally over for the public sector bankes. Their much needed demand for settling the 11th Bipartite Wage Revision is finally concluded with 15% hike. The MOU between the IBA and UFBU will be signed within 90 days.

The synopsis of the settlement are :

1) 5 day week agreed!
2) 15% wage increase agreed!
3) 47.80% (478 Slabs) DA merger agreed!
4) 2.25% Load Factor on Basic pay agreed!
5) Total increase in Pay @49.80 % agreed!
6) Balance 13% will be distributed in various Allowances agreed!
7) DA rate in future will be @ 0.07 % per slab (now balance of slabs will be 681-478=203 slabs)